Fortescue still planning MRRT challenge: Forrest

Fortescue Metals Group is still collecting documents to put a formal High Court challenge to the Minerals Resource Rent Tax, company chairman Andrew Forrest says.

The company would press ahead with the challenge to the tax, Mr Forrest told ABC Radio on Monday. He said the tax would not collect Treasurer Wayne Swan’s forecast $10.6 billion in its first four years.

“They have written an extremely complex piece of legislation to get around a High Court challenge,” Mr Forrestsaid. “We think it’s still beatable.”

Mr Forrest said his company wouldn’t pay very much of the MRRT and restated he didn’t think it would meet its revenue forecasts. The government will place a 22.5 per cent tax coal and iron ore profits from July 1, with almost 90 per cent to be raised from BHP Billiton, Rio Tinto and Xstrata.

Mr Swan said Mr Forrest was opposed to the tax because he didn’t want to share the country’s mineral wealth with all Australians.